CandleFocus XRP OI Skyrockets 13.28%: Something Big Coming?
2024-12-14
Author: Content Editor
XRP, the third-largest cryptocurrency, has seen a significant increase in its Open Interest (OI) and trading volume. OI has risen 13.3% to $3.77 billion, indicating the number of outstanding derivatives contracts on the market. Meanwhile, trading volume has increased 8.87% to $12.83 billion. The price of XRP briefly soared to $2.53 but has since corrected to $2.46. Speculation surrounding the launch of an XRP ETF has also drawn attention, although the head of BlackRock's ETF department has denied any plans for an XRP ETF. U.S. regulators, including the SEC, are expected to approve ETFs like SOL and XRP by the end of next year. In addition, Ripple has been authorized to offer its RLUSD stablecoin in New York, providing a regulated alternative to Tether's USDT. This move comes amid increased competition from companies like PayPal entering the stablecoin market. Ripple is also facing a lawsuit from the SEC, which alleges that XRP is an unregistered securities offering. A ruling against Ripple could have significant regulatory implications for the wider crypto sector.
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